Investment Funds Handbook 2011

by Ropes & Gray LLP
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Please see full publication below for answers to the following questions:

Retail funds: overview

1. Please give a brief overview of the retail funds market in your jurisdiction. (How developed is the market? Has it been active in the past year?) Please highlight the changes in market practice in the past year.

Legislation and regulation

2. What are the key statutes, regulations and rules that govern retail funds in your jurisdiction? What regulatory bodies are involved in regulating retail funds?

3. Do the retail funds themselves have to be authorised or licensed? If so, what are the main steps involved? Are there differences between local funds and foreign funds?

Marketing

4. Who can market retail funds? Are there differences between local funds and foreign funds?

5. To whom can retail funds be marketed? Are there differences between local funds and foreign funds?

Managers and operators

6. What are the key requirements that apply to managers/ operators of retail funds? Are there differences between local funds and foreign funds? Can a foreign manager manage a local fund?

Assets portfolio

7. Who holds the portfolio of assets? What regulations are in place for its protection?

Legal vehicles

8. What are the main legal vehicles used to set up a retail fund and what are the key advantages and disadvantages of using these structures? What are the participants’ interests in the fund called (for example, share or unit)?

Investment and borrowing restrictions

9. Describe the investment and borrowing restrictions to which retail funds are subject.

10. Can the manager/operator place any restrictions on the issue and redemption of interests in retail funds?

11. Describe any restrictions on the rights of participants in retail funds to transfer or assign their interests to third parties.

Reporting requirements

12. Describe the periodic reporting requirements to:

- Investors.

- Regulators.

Tax treatment

13. Describe the tax treatment for:

- Funds.

- Resident investors.

- Non-resident investors.

Reform

14. Please summarise any proposals for the reform of retail fund regulation in your jurisdiction. Please also summarise any litigation or enforcement action relating to fund regulation in your jurisdiction.

Hedge funds: overview

15. Please give a brief overview of the hedge funds market in your jurisdiction. (How developed is the market? Has it been active in the past year?) Please highlight the changes in market practice in the last year, including any changes to investment strategies being pursued and the terms of investment.

Legislation and regulation

16. What are the key statutes and regulations that govern hedge funds in your jurisdiction? What regulatory bodies are involved in regulating hedge funds?

17. How are the following areas regulated (if at all) in relation to hedge funds:

- Risk.

- Valuation and pricing.

- Systems and controls.

- Transparency.

- Money laundering.

- Short selling.

Marketing

18. Who can market hedge funds? Are there differences between local funds and foreign funds?

19. To whom can hedge funds be marketed? Are there differences between local funds and foreign funds?

Assets portfolio

20. Who holds the portfolio of assets? What regulations are in place for its protection?

Requirements

21. Describe the key disclosure or filing requirements (if any) that must be done by the fund (for example, in relation to the prospectus or offering memorandum and side letters).

22. What are the key requirements that apply to managers/

operators of hedge funds? Are there differences between local funds and foreign funds? Can a foreign manager manage a local fund?

Legal vehicles and structures

23. What are the main legal vehicles used to set up a hedge fund and what are the key advantages and disadvantages of using these structures? What are the participants’ interests in the fund called (for example, share or unit)?

24. What are the advantages and disadvantages of using onshore

and offshore structures?

Tax treatment

25. Describe the tax treatment for:

- Funds.

- Resident investors.

- Non-resident investors.

Restrictions

26. Can participants redeem their interest? Are there any restrictions on the right of participants to transfer their interests to third parties?

Reform

27. Please summarise any proposals for the reform of hedge fund regulation in your jurisdiction. Please summarise any litigation or enforcement action relating to fund regulation in your jurisdiction.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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